China Classifies Crypto Transactions as Money Laundering in Update to AML Law

Quick Summary:

The measures, expected to take effect on Tuesday, are part of broader efforts aimed at tightening anti-money laundering laws in China.

The Supreme People’s Court and the Supreme People’s Procuratorate, the country’s highest judicial bodies, jointly announced the changes during a press conference.

For sentences ranging from five to ten years, the individual will be fined at least 200,000 yuan ($27,400) in addition to their imprisonment.

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Article Details

Author / Journalist: Vismaya V

Category: Crypto

Markets: EstoniaChina

Topics: Virtual assets Crypto law Anti-money laundering Crypto China Law and Order

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-20 @ 06:55:43 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 396 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 22169494

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 7 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 13 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

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Publisher ID: #63

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